Commonwealth Bank Extra Home Loan
The Commonwealth Bank Extra Home Loan offers minimal fees and competitive, discounted interest rates. The loan has options for borrowers with large and small deposits, and rates for owner-occupiers and investors.
Richard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
The Commonwealth Bank Extra Home Loan is available to both owner-occupiers and investors for purchase or refinance. It offers discounted interest rate and various options depending on the size of your deposit.
About this loan
What are the features and benefits of the Commonwealth Bank Extra Home Loan?
- Loan amount and loan to value ratio. The Commonwealth Bank Extra Home Loan has a low minimum borrowing amount of $150,000 and no maximum borrowing amount. The maximum loan to value ratio is 95%. Borrowing more than 80% will incur a lenders mortgage insurance (LMI) premium. Some of the lower discounted rates for this product require a 30% deposit, however.
- Free redraw. The Commonwealth Bank Extra Home Loan allows you to make extra repayments without penalty. You can access these extra funds using the loan's redraw facility. However, there's a minimum redraw amount of $1,000.
- Low fees. The Commonwealth Bank Extra Home Loan carries no application or ongoing fees.
What fees and charges come with this loan?
- Settlement fee: $200. This one-off fee covers the cost of funding your home loan.
- Discharge fee: $350. This fee is charged when you close your loan account, either through refinancing or repaying your loan in full.
How to apply
If you think the Commonwealth Bank Extra Home Loan is the right product for you, contact the lender directly or speak to a mortgage broker.